The first Big Day Out music festival was held at the Sydney Showground, headlined by Violent Femmes and Nirvana.

One and two-cent coins began to be withdrawn from circulation.

Queen Elizabeth II visited Australia. Prime Minister Paul Keating broke royal protocol by placing his hand on the Queen's back, causing an outraged British tabloid newspaper to dub him the "Lizard of Oz”.

What else do you remember from 1992?

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- Whitney Houston had the biggest hit of the year with a cover of Dolly Parton's 'I Will Always Love you' and went on to become one of the highest selling singles of all time. But not to be left out, a little band from Washington called Nirvana released 'Smells Like Teen Spirit'.

- Walt Disney Pictures released their 31st animated feature with the musical fantasy film 'Aladdin' which went on to gross over $500 Million dollars globally and is still beloved by many today.

- Nintendo released the Super Nintendo Entertainment System (better known as the SNES) in Australia for $250 along with one of its most popular games and the start of a franchise that is still extremely popular today, Super Mario Kart.

- Australian children's educational TV series 'Lift Off' debuts on ABC at 2:00pm every Friday. It later aired weekdays at 4:30pm in June and on Saturdays at 6:00pm in November. Another honourable mention goes to the debut 'Bananas in Pyjamas'.